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Every year there are tax rules that change for federal purposes and sometimes Minnesota adopts those changes; sometimes they don’t. This year there is a longer than usual list of items that Minnesota does not conform to for individual taxpayers. Often these items are small and obscure and don’t have a huge dollar amount attached to them. This year, one item in particular is going to be a rude realization for some Minnesota taxpayers.
On your federal return you can exclude debt forgiveness income related to your personal residence. In the past you could also exclude that on your Minnesota return, but not this year. Minnesota has not adopted the federal provisions that allow taxpayers to exclude principal residence debt forgiveness. Read More
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